1. Field
The present invention relates generally to a system for providing real estate information, and more particularly, to a novel system for providing real estate information, available in a very short period of time, to any computer having access to a computer communication network.
2. General Background
The real estate industry lacks ready access to current market information required to make important decisions, such as whether to acquire, dispose of develop, lend on, or invest in, a particular property. Current market data generally is provided through five principal sources: commercial real estate brokerage firms with research capabilities; public and private data gatherers engaged in compiling secondary source statistics; regional and national market research firms that provide generalized market overviews and expensive custom studies; specialized reporting services that provide specific information, such as sales activity, permit activity and the like; and appraisers.
The information provided by these sources suffers from a variety of flaws. Often, the information is too generalized, comparing irrelevant or unnecessary market factors or property features. Further, the data is generally updated only on a periodic basis, greatly reducing accuracy of measurement of current market conditions. Also, the data delivered can be subjective, reflecting agendas or viewpoints of the data supplier.
Further, data suppliers may treat the market for data as a single, homogeneous entity, rather than focusing on user segments. User segments are divisions of the commercial real estate industry that share common needs characteristics. User segments may be defined by a variety of industry needs based on, for example, loan underwriting, appraisals, management, brokerage and acquisitions. By ignoring market segment distinctions, data suppliers may fail to provide reliable and accurate information regarding a user's specific needs relating to a property or properties.
Highly specific, reliable data is principally available only through high-cost, time-consuming custom studies. Institutional investors, developers, equity sources, lenders and securities underwriters often must rely on such expensive, custom studies to obtain reliable information.
Accordingly, a need exists for a real estate market information source that provides accurate, current real estate market information that is readily accessible.